Wall Street’s main indexes rallied on Wednesday to staunch the bleeding after a three-day drop as investors jumped back in to take advantage of the repricing in several Big Tech stocks, including the biggest company of them all, tech or otherwise, Apple.
Tesla Inc shares jumped 7.7% after suffering their biggest one-day percentage drop in the prior session, while Apple Inc, Microsoft Corp and Amazon.com Inc – the top three U.S. public companies by market capitalization – each rose by at least 4%… a day after the tech-heavy Nasdaq ended 10% below its Sept. 2 record closing high, commonly known as a correction.
“Call off the five-alarm fire, it’s not here,” said Peter Kenny, founder, Kenny’s Commentary LLC and Strategic Board Solutions LLC in Denver. “It is very important to realize those mega-cap names have pulled the market higher and higher, so far out of range as of last week that the market did have to come back in to some sort of reversion to the mean.”
In late afternoon trading, the Dow Jones Industrial Average was up 631.27 points, or 2.3%, at 28,132.16, the S&P 500 gained 82.5 points, or 2.48%, to 3,414.34 and the Nasdaq Composite added 313.46 points, or 2.89%, to 11,161.15.
MacDailyNews Take: Up, down, up, down… Wall Street’s wild ride continues!